My Greater Victoria Real Estate Market Update is now available!


"The Spring market for Greater Victoria real estate may have seemed a little more steady this year, people are getting used to the new tempo of brisk sales. Looking at long term numbers though we are still in a very active market, there is increased consumer demand and low supply. Each month this Spring experienced high sales, although they were lower than last Spring the sales numbers were generally the second highest after 2016, and well above the ten year average. We are seeing inventory slowly increasing, there were 1,916 active listings on the Victoria Real Estate Board MLS® at the end of June, 1% more than May, but 16.3% fewer compared to 2,289 active listings at the end of June 2016. We may be getting closer to 2016 inventory levels, however inventory is still at record lows when you compare with 2015, at the end of June 2015 there were 4,003 active listings on the Victoria Real Estate Board MLS®. We currently have less than half the inventory of two years ago!

The Bank of Canada raised interest rates this week for the first time in 7 years to 0.75%. We will see over the coming weeks how this affects the banks interest rates for mortgages, and if they do adjust them how much of the increase will be passed along to the consumer. CMHC insurance premiums also experienced a small increase in March. 

Victoria has been getting a lot of recognition lately on a Global level. Christie's International Real Estate and their affiliate in Toronto recently named Victoria as the second hottest luxury real estate market in the world behind Toronto. In 2016 we experienced an increase in multi-million dollar transactions and a decrease in the number of days on market. Oak Bay was also voted as the top three best places to live in Canada by Moneysense, and the best in B.C.!"



Summer evenings call for beers, hot dogs and baseball  This month you can win a pair of tickets (Section 10) to the Victoria HarbourCats game on Tuesday, August 1st AND a $50 gift card to Romeo’s for pre or post game drinks and appetizers!


LIKE, SHARE & POST (for a bonus entry)

*Contest Rules*


1. “LIKE” my Facebook page Mikaila Rhodes - Real Estate Professional in Victoria

2. “SHARE” and “LIKE” the post on Facebook

3. OPTIONAL for a bonus entry: “TAG” a friend in the comments section you would like to take with you!


Good luck and WINNER will be announced July 14th!


Thank you to Double N Hardwood Floors Inc for donating the tickets!


Victoria Real Estate Market Continues Tempo of Steady Sales Throughout June

July 4, 2017 - "This year may feel a bit steady and less exciting when compared to last year's record-breaking market. People are getting used to this new tempo of brisk sales," says 2017 Victoria Real Estate Board President Ara Balabanian. "However, when we look at the longer term numbers, we're in a very active market. This June we counted over one thousand properties sold, while the ten year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record breaker."

A total of 1,008 properties sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer than the 1,174 properties sold in June last year.

There were 1,915 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2017, an increase of one per cent compared to the month of May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end of June 2016.

"The good news for buyers is that inventory is slowly starting to build," adds President Balabanian. "But buyers can still anticipate multiple offer scenarios in certain high demand neighbourhoods where inventory is being bought at a more rapid pace. It's never been a better time to be a seller, with MLS® Home Price Index prices at a record high for the Victoria Core."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2016 was $721,000. The benchmark value for the same home in June 2017 has increased by 15.1 per cent to $829,600.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.